The Santa Barbara International Film Festival will present the 2014 Outstanding Performer of the Year Award to Academy Award-winning actress Cate Blanchett Feb. 1, 2014. She will be honored with a tribute celebrating her performance in Woody Allen's "Blue Jasmine" at the 29th annual festival, which runs Jan. 30–Feb. 9, 2014.

"In her first collaboration with master director Woody Allen, Blanchett knocks it out of the park in the best performance of her already illustrious career," said Roger Durling, SBIFF executive director, in a statement. "We're so grateful to be able to celebrate her achievement." Blanchett will be honored for her performance in "Blue Jasmine," in which she portrays Jasmine French, a deeply conflicted and complex woman in the throes of her world unraveling.

Blanchett took home the 2005 Academy Award for her performance in "The Aviator." She was also Oscar-nominated for her work in "Elizabeth: The Golden Age," "I'm Not There" and "Elizabeth."